Market Update
China THURSDAY
Li Chen
18 Dec, 2025
Hong Kong
China Indexes and Stocks
The Hang Seng Index decreased 0.4% to 25,370.47, and the mainland-focused CSI 300 index declined
China THURSDAY
Li Chen
18 Dec, 2025
Hong Kong
China Indexes and Stocks
The Hang Seng Index decreased 0.4% to 25,370.47, and the mainl
China THURSDAY
Li Chen
18 Dec, 2025
Hong Kong
China Indexes and Stocks
The Hang Seng Index decreased
China THURSDAY
Li Chen
18 Dec, 2025
Hong Kong
China Indexes and Stocks
The Hang Seng Index decreased
China THURSDAY
Li Chen
18 Dec, 2025
Hong Kong
China Indexes and Stocks
The Hang Seng Index decreased
U.S. Movers: Lennar
Scott Peters
17 Dec, 2025
New York City
Lennar Corp. decreased 4% to $112.98 after the Miami-based homebuilder reported weaker-than-estimated quarterly results and a lukewarm outlook for the current quarter.
Total revenues in the fiscal fourth quarter ending in November decreased to $9.4 billion from $9.9 billion, net earnings dropped to $497.9 million from $1.1 billion, and diluted earnings per share eased to $1.93 from $4.06 a year ago.
Lennar said new orders in the quarter increased 18% to $20,018, and the backlog was 13,936 homes worth $5.2 billion.
The home builder estimated home deliveries between 17,000 and 18,000 in the fiscal first quarter and a gross margin of 15% to 16%, disappointing some investors.
U.S. Movers: Lennar
Scott Peters
17 Dec, 2025
New York City
Lennar Corp. decreased 4% to $112.98 after the Miami-based homebuilder reported weaker-than-estimated quarterly results and a lukewarm outlook for the current quarter.
Total revenues in the fiscal fourth quarter ending in November decreased to $9.4 billion from $9.9 billion, net earnings dropped to $497.9 million from $1.1 billion, and diluted earnings per share eased to $1.93 from $4.06 a year ago.
Lennar said new orders in the quarter increased 18% to $20,018, and the backlog was 13,936 homes worth $5.2 billion.
The home builder estimated home deliveries between 17,000 and 18,000 in the fiscal first quarter and a gross margin of 15% to 16%, disappointing some investors.
Low-Hire, Low-Fire Job Market Signals Rising Recession Risks
Barry Adams
17 Dec, 2025
New York City
Stocks on Wall Street faced headwinds for the third consecutive session as investors reviewed labor market and consumer spending updates.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite dropped 0.3% after the release of November and October payroll data.
The uneven hirings in October and November confirmed the ongoing pattern over the last seven months, as businesses of all sizes struggle with macroeconomic uncertainty.
The U.S. economy added 64,000 net new jobs in November, and payrolls shrank by 105,000 in October, the U.S. Bureau of Labor Statistics said on Tuesday.
In addition, the jobless rate increased to a four-year high of 4.6%, as employers focus on restructuring businesses and more people seek employment as they face affordability issues.
The U.S. job market has stagnated since April, as employers avoid increasing staff and hold on to increasing current employees amid economic uncertainty and a steep increase in goods tariffs.
The weakness in the broader economy has been overshadowed by investment in data centers to facilitate the use of artificial intelligence, but consumers have turned cautious amid elevated food prices and cost of shelter.
At least 500,000 small and medium businesses are likely to disappear in 2025, and the number of job seekers expanded to 7.8 million at the end of November.
U.S. Movers
Lennar Corp. decreased 4% to $112.98 after the Miami-based homebuilder reported weaker-than-estimated quarterly results and a lukewarm outlook for the current quarter.
Total revenues in the fiscal fourth quarter ending in November decreased to $9.4 billion from $9.9 billion, net earnings dropped to $497.9 million from $1.1 billion, and diluted earnings per share eased to $1.93 from $4.06 a year ago.
Lennar said new orders in the quarter increased 18% to $20,018, and the backlog was 13,936 homes worth $5.2 billion.
The home builder estimated home deliveries between 17,000 and 18,000 in the fiscal first quarter and a gross margin of 15% to 16%, disappointing some investors.
Low-Hire, Low-Fire Job Market Signals Rising Recession Risks
Barry Adams
17 Dec, 2025
New York City
Stocks on Wall Street faced headwinds for the third consecutive session as investors reviewed labor market and consumer spending updates.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite dropped 0.3% after the release of November and October payroll data.
The uneven hirings in October and November confirmed the ongoing pattern over the last seven months, as businesses of all sizes struggle with macroeconomic uncertainty.
The U.S. economy added 64,000 net new jobs in November, and payrolls shrank by 105,000 in October, the U.S. Bureau of Labor Statistics said on Tuesday.
In addition, the jobless rate increased to a four-year high of 4.6%, as employers focus on restructuring businesses and more people seek employment as they face affordability issues.
The U.S. job market has stagnated since April, as employers avoid increasing staff and hold on to increasing current employees amid economic uncertainty and a steep increase in goods tariffs.
The weakness in the broader economy has been overshadowed by investment in data centers to facilitate the use of artificial intelligence, but consumers have turned cautious amid elevated food prices and cost of shelter.
At least 500,000 small and medium businesses are likely to disappear in 2025, and the number of job seekers expanded to 7.8 million at the end of November.
U.S. Movers
Lennar Corp. decreased 4% to $112.98 after the Miami-based homebuilder reported weaker-than-estimated quarterly results and a lukewarm outlook for the current quarter.
Total revenues in the fiscal fourth quarter ending in November decreased to $9.4 billion from $9.9 billion, net earnings dropped to $497.9 million from $1.1 billion, and diluted earnings per share eased to $1.93 from $4.06 a year ago.
Lennar said new orders in the quarter increased 18% to $20,018, and the backlog was 13,936 homes worth $5.2 billion.
The home builder estimated home deliveries between 17,000 and 18,000 in the fiscal first quarter and a gross margin of 15% to 16%, disappointing some investors.
Japan's Rebound In Exports Swung International Balance to Surplus In November
Akira Ito
17 Dec, 2025
Tokyo
Stocks in Tokyo extended losses from the previous session, and investors reviewed the latest update on international trade.
The Nikkei 225 Stock Average decreased 0.2%, the Topix fell 0.3%, and the yen hovered just above the 155-level against the Japanese yen.
Japan Records Trade Surplus In November, Driven by U.S. Export Rebound
Japan logged its first trade surplus in five months in November, amid a rebound in exports to the U.S., according to the latest data released by the Ministry of Japan.
Exports jumped 6.1% to 9.7 trillion yen, and imports advanced 1.3% to 9.3 trillion yen, resulting in an overall trade surplus of 322.3 billion yen.
U.S. shipments increased 8.8% to 1.8 trillion yen, driven by a rise in automobile shipments as the impact of higher tariffs failed to dent the demand.
Imports from the U.S. increased 7.1% to 1.1 trillion yen, driving the trade surplus higher by 11.3% to 739.8 billion yen in November.
The U.S. lowered its tariffs on Japanese automobiles from 27.5% and on other goods from 25% to a uniform rate of 15%, effective September.
Exports to the European Union jumped by 19.6%, the ASEAN region by 4.6%, Vietnam by 14%, and Taiwan by 16.8%.
However, exports to China decreased 2.4%, generating a trade deficit with the second-largest economy for the 56th consecutive month in November of 777.9 billion yen.
Japan's Core Machinery Orders Accelerated In November
Japan's core machinery orders in October rose for the second month in a row, driven by a sharp rebound in non-manufacturing orders.
Core machinery orders, which exclude volatile ship and power plant orders, rose 7% to ¥992.9 billion, accelerating from a 4.2% rise in September.
Orders in the non-manufacturing sector advanced 28.8% to 551.7 billion yen, while manufacturing orders fell 13.3% to 446.5 billion yen from a year ago.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 49,300.30, and the broader Topix dropped 0.3% to 3,359.84.
Semiconductor equipment makers, retailers, and financial services sector stocks dominated in today's trading in Tokyo.
Softbank Group jumped 1.3% to ¥16,750.0, Tokyo Electron advanced 0.7% to ¥31,170.0, and Lasertec Corp. fell 0.4% to ¥29,320.0.
Kawasaki Heavy Industries decreased 0.4% to ¥11,630.0, IHI Corp. fell 1.4% to ¥2,828.0, and Mitsubishi Heavy Industries declined 1.7% to ¥3,902.0.
Fast Retailing Co. Ltd. added 0.6% to ¥56,850.0, Takashimaya Co. Ltd. fell 1.6% to ¥1,644.50, and Seven & I Holdings decreased 0.5% to ¥2,189.50.
Japan's Rebound In Exports Swung International Balance to Surplus In November
Akira Ito
17 Dec, 2025
Tokyo
Stocks in Tokyo extended losses from the previous session, and investors reviewed the latest update on international trade.
The Nikkei 225 Stock Average decreased 0.2%, the Topix fell 0.3%, and the yen hovered just above the 155-level against the Japanese yen.
Japan Records Trade Surplus In November, Driven by U.S. Export Rebound
Japan logged its first trade surplus in five months in November, amid a rebound in exports to the U.S., according to the latest data released by the Ministry of Japan.
Exports jumped 6.1% to 9.7 trillion yen, and imports advanced 1.3% to 9.3 trillion yen, resulting in an overall trade surplus of 322.3 billion yen.
U.S. shipments increased 8.8% to 1.8 trillion yen, driven by a rise in automobile shipments as the impact of higher tariffs failed to dent the demand.
Imports from the U.S. increased 7.1% to 1.1 trillion yen, driving the trade surplus higher by 11.3% to 739.8 billion yen in November.
The U.S. lowered its tariffs on Japanese automobiles from 27.5% and on other goods from 25% to a uniform rate of 15%, effective September.
Exports to the European Union jumped by 19.6%, the ASEAN region by 4.6%, Vietnam by 14%, and Taiwan by 16.8%.
However, exports to China decreased 2.4%, generating a trade deficit with the second-largest economy for the 56th consecutive month in November of 777.9 billion yen.
Japan's Core Machinery Orders Accelerated In November
Japan's core machinery orders in October rose for the second month in a row, driven by a sharp rebound in non-manufacturing orders.
Core machinery orders, which exclude volatile ship and power plant orders, rose 7% to ¥992.9 billion, accelerating from a 4.2% rise in September.
Orders in the non-manufacturing sector advanced 28.8% to 551.7 billion yen, while manufacturing orders fell 13.3% to 446.5 billion yen from a year ago.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 49,300.30, and the broader Topix dropped 0.3% to 3,359.84.
Semiconductor equipment makers, retailers, and financial services sector stocks dominated in today's trading in Tokyo.
Softbank Group jumped 1.3% to ¥16,750.0, Tokyo Electron advanced 0.7% to ¥31,170.0, and Lasertec Corp. fell 0.4% to ¥29,320.0.
Kawasaki Heavy Industries decreased 0.4% to ¥11,630.0, IHI Corp. fell 1.4% to ¥2,828.0, and Mitsubishi Heavy Industries declined 1.7% to ¥3,902.0.
Fast Retailing Co. Ltd. added 0.6% to ¥56,850.0, Takashimaya Co. Ltd. fell 1.6% to ¥1,644.50, and Seven & I Holdings decreased 0.5% to ¥2,189.50.
Foreign Investors Remained the Driving Force Behind China's IPO Parade; MetaX Soared Sevenfold in Shanghai Debut
Li Chen
17 Dec, 2025
Hong Kong
Stocks in China and Hong Kong traded sideways as investors debated the economic growth outlook in 2026 and possible stimulus measures to arrest decelerating economic growth.
The Hang Seng Index increased 0.1%, and the mainland-focused CSI 300 index advanced 0.7% after mixed economic data raised concerns about the economic growth.
China's economic growth in 2026 is likely to slow to closer to 4% as persistent weakness in the residential market overshadows broader economic activities.
Moreover, consumer confidence remained low amid weakening labor market conditions and a lack of measures to revive the faltering housing market.
Despite the weakening economic growth, policymakers are reluctant to announce additional debt-fueled economic stimulus measures in the near term.
The youth jobless rate has stayed near 25%, as manufacturing businesses continue to shift operations to Vietnam, Thailand, Malaysia, and Mexico amid constantly changing U.S. trade policy.
Since 2016, large and medium-sized businesses have expanded their overseas operations, and those efforts have gained momentum over the last two years, negatively impacting domestic labor markets.
The U.S. economy added 64,000 net new jobs in November, following a loss of 105,000 positions in the previous month, according to the U.S. Bureau of Labor Statistics.
China Indexes and Stocks
The Hang Seng Index gained 0.1% to 25,260.51, and the mainland-focused CSI 300 index edged up 0.7%.
Hashkey Holdings dropped nearly 2% to HK $6.49, and Hong Kong's largest licensed cryptocurrency exchange operator completed its initial public offering.
The company sold 240.5 million shares, priced its initial public offering at HK $6.68 per share, and raised gross proceeds of HK $1.6 billion.
MetaX Integrated Circuits soared nearly 700% to 823.25 yuan, and the graphic processor maker priced its public offering at 104.66 yuan.
The five-year-old, Shanghai-based high-end graphic processor drew attention from institutional and retail investors as Chinese companies push to develop domestic chips to power AI applications and services.
The company sold 40.1 million shares in its public offering and raised gross proceeds of 4.2 billion yuan, or US $596.0 million.
Earlier this month, Moore Thread Technology, a larger rival, raised 8 billion yuan in a successful public offering.